ICBC buys entry to Argentine market

ICBC shells out $600 million for an 80% interest in Standard Bank Argentina and two affiliates, in the first deal that sees a Chinese lender venture into Latin America.

ICBC buys entry to Argentine market

Industrial Commercial Bank of China ICBC said on Friday it had struck a deal to buy a controlling interest in Standard Bank Argentina as well as some other related assets in the Latin American country for $600 million.

China’s biggest lender is buying 80% equity ownership of Standard Investments, Inversora Diagonal and Standard Bank Argentina, which is a full-service bank that has been operating since 1917. It offers products and services through 103 branches in...

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